German Insurer Allianz's Profits Fall 8.8%
TheStreet) -- German insurer
(AZ) said third-quarter earnings fell 8.8% on higher tax expenses despite a revenue rise of 11.4%.
Allianz, Europe's largest life insurance company, said net profit was €1.27 billion ($1.76 billion) vs. €1.39 billion a year earlier.
Revenue in the quarter increased by 11.4% to €24.5 billion.
Allianz said it expects its full-year operating profit to to "trend towards the upper end" of its target range of around €7.2 billion, "plus or minus €500 million." Allianz also said for the first time since 2005 it's likely to end the year with total revenue above €100 billion.
Third-quarter operating profit rose 2.3% to €2.06 billion.-- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV